Later, Punjab National Bank was established in 1894. • The Swadeshi movement, which began in 1906, encouraged the formation of a number of commercial banks. • The Banking Companies Act was passed in February 1949 , which was later amended to read as the Banking Regulation Act, 1949. • Commercial banks mobilize savings in urban areas and make them available to large and small industrial units and commercial mainly for working capital needs. commercial banks (including foreign banks). • Of the scheduled commercial banks, 224 belong to the public sector, of which 196 are regional rural banks (RRBs) and account for approximately 77.9% of the deposits of all scheduled commercial banks. • Commercial banks are broadly classified into nationalized or public sector banks and private sector banks, with some foreign banks. Public sector banks account for over 92% of the entire banking business in India. Occupying a dominant position in the commercial sector, another 20 banks are the public sector banks. • Oudh Commercial Bank was the first comprehensive commercial bank of